I. Registration Fees.
- Investment Adviser: $200.
- Investment Adviser Representative: $50.
II. Financial Statements. If an IA has custody, then it must file audited financials including a balance sheet, income statement, auditor’s report, and a statement of shareholder’s equity. If an IA does not have custody, then it may file unaudited financial statements including a balance sheet and income statement accompanied by a notarized statement that the unaudited financials are true and correct and prepared in accordance with GAAP. Firms with custody must have a minimum net worth of $25,000. Firms that do not have discretion or custody must have a minimum net worth of $2500 or $5000 as prescribed by SEC Rule 15c-3 (17 CFR §240.15c3-1 (2010)).
III. Sole Proprietorships. An IA, whether a sole proprietor or other legal entity, must file a Form ADV and $200 application fee. The firm is required to register at least one qualifying principal. The qualifying principal shall File a Form U4 and pay the registration fee for IARs.
IV. Branch Offices. Most offices must register using Form BR. The filing fee is $100.
V. De Minimis. In state provision: The provisions under 517.021(13)(b)(7), F.S., exempt an IA and its IARs from registration if the investment adviser does not hold herself or himself out to the general public as an investment adviser and has no more than 15 clients within 12 consecutive months in the State of Florida.
De Minimis. Out of state provision: The provisions under 517.021(13)(b)(8), F.S., exempt an IA and its IARs from registration if the IA does not have a place of business located within this state and, during the preceding 12-month period, has had fewer than six clients who are Florida residents.
VI. Other Required Documents.
- Fingerprint card and a processing fee for each natural person listed Schedule A or B of the firm’s application and each associated person application.
- Must register at least one qualifying principal.
- Certificate of formation/Articles of incorporation.
- Copy of firm’s IA contract and/or solicitor’s agreement.
For additional information, please contact the state securities administrator.